Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.9% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 1.9% during mid-day trading on Thursday . The stock traded as high as $13.43 and last traded at $13.45. 5,978,147 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 33,315,608 shares. The stock had previously closed at $13.20.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RIVN. Robert W. Baird dropped their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Guggenheim reiterated a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Tuesday, May 6th. Finally, Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Up 0.9%

The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The company has a market cap of $15.06 billion, a PE ratio of -3.58 and a beta of 1.81. The stock has a 50-day moving average of $14.20 and a 200-day moving average of $13.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same quarter in the previous year, the company posted ($1.48) earnings per share. The company's revenue was up 3.0% compared to the same quarter last year. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Brighton Jones LLC raised its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Rivian Automotive by 91.1% in the 4th quarter. Jones Financial Companies Lllp now owns 25,202 shares of the electric vehicle automaker's stock worth $335,000 after buying an additional 12,014 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Keybank National Association OH purchased a new stake in Rivian Automotive during the 4th quarter valued at $141,000. Finally, Proficio Capital Partners LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $487,000. Institutional investors own 66.25% of the company's stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.